Foreclosures are up, petitions falling off

By Martin Luttrell TELEGRAM & GAZETTE STAFF

Tuesday

Aug 31, 2010 at 11:12 AMAug 31, 2010 at 11:14 AM

More than 1,200 foreclosures were recorded in Massachusetts in July, up nearly 80 percent from the same month in 2009, while foreclosure petitions decreased by more than 20 percent, according to The Warren Group, publisher of Banker & Tradesman, which tracks real estate and foreclosure data.

Foreclosure petitions, the first step in the foreclosure process, dropped to 2,307 in July, a 20.4 percent decrease from 2,899 in July 2009. This is the sixth straight month that foreclosure petitions have exceeded 2,000. A total of 15,645 foreclosure petitions have been filed so far this year, compared to 16,712 for the same period last year.

In July, 1,243 foreclosure deeds were recorded, up from 692 in July 2009, The Warren Group reported. A foreclosure deed marks the end of the foreclosure process. Foreclosure deeds declined from a month ago, when there were 1,315 completed foreclosures. The Bay State is on track to outpace foreclosure activity from the past two years. A total of 8,676 foreclosure deeds have been completed this year, up 60 percent from the same period last year. There were 12,430 and 9,269 foreclosure deeds in 2008 and 2009, respectively.

Worcester County posted 244 foreclosure deeds last month, up nearly 76 percent from 139 in July 2009, The Warren Group reported. July petitions in Worcester County numbered 353, down 27 percent from 482 in July 2009.

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